JOHANNESBURG, Sept 14 (Reuters) - South African paper maker Mondi said on Friday it would pay 125 million euros ($161.34 million) in cash for Duropack’s operations in Germany and the Czech Republic to strengthen its corrugated packaging market position in Europe.
The operations consist of two corrugated box plants, consuming about 130,000 tonnes of container board annually and one recycled container board mill capable of producing 105,000 tonnes a year, the company.
The acquisition will be funded from the group’s existing resources, Mondi said.
Mondi also said last month that it had secured European Union regulatory approval for its $782 million purchase of German packaging company Gardenia that will boost its presence in consumer packaging.
The company’s shares were up 2.09 percent at 83.68 rand as of 0800 GMT. ($1 = 0.7748 euros) (Reporting by Olivia Kumwenda)